The disclosure provisions for stock-exchanged listed companies contribute towards ensuring that market participants have information about issuers of securities available at their disposal without delay and at the same time as one another.
The transparency achieved as a result permits the market participants to make a well-founded assessment about companies and also strengthens investor confidence. Transparency leads to “fair” prices, i.e. prices that are not skewed by imbalances in available information, a lack of information or as a result of circulating rumours, and therefore to an efficient pricing.
What disclosure obligations apply to issuers, depends on which markets their financial instruments are admitted to trade on.
Issuers on regulated markets
Issuers, whose securities are admitted to be traded on a regulated market, are required to disclose “regulated information” as defined in Article 118 para. 1 no. 9 in conjunction with Article 1 no. 22 BörseG 2018. The regulated market in Austria is currently the Official Market of Wiener Börse AG. Regulated information includes the following types of information:
- Publication of insider information
- Directors’ dealings
- Financial reports
- Changes to significant holdings
Regulated information is required to be disclosed throughout the EU and is to be submitted to the OeKB’s Issuer Info Service Center. Published regulated information can be consulted online at the (IssuerInformationCenter.Austria). Disclosures about insider information are also required to be published on the issuer’s website, and to be displayed there for a period of at least five years.
Issuers on multilateral or other trading facilities (MTFs / OTFs)
The disclosure obligation (throughout the EU and on the website) regarding insider information and Directors’ Dealings (Articles 17 and 19 MAR) also applies to issuers that applied to or have received or have agreed to an authorisation for admission to trading on a multilateral trading facility (MTF). Furthermore this also applies to issuers that have received or have agreed to authorisation for admission to trading on an organised trading facility (OTF).
Financial reports, changes to significant holdings and other regulated information are not however required to be disclosed by these issuers. Issuers on multilateral or organised trading facilities may submit insider information and directors’ dealings disclosures to the OeKB (IssuerInformationCenter.Austria) on a voluntary basis.
Wiener Börse AG’s Third Market is currently the only multilateral trading facility in Austria.
On 27 June 2017, the FMA hosted the MAR Forum for issuers at its premises. During this information event, questions about the application of provisions in the MAR were answers and information given about administrative practices.